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NYT: Petrobras hobbled by scandal and stagnation

  • Petrobras (PBR +0.2%) is experiencing serious problems, as its oil production has stagnated, its employees have been accused of taking bribes, and its debt is surging, according to a NYT profile of the company.
  • Analysts warn that the company could face problems in international bond markets: As U.S. interest rates creep up and as Brazil’s finances come under greater stress, PBR’s top creditors - which include mutual fund giants like Pimco, Fidelity and BlackRock - may view their exposure as too risky and begin to unload their bonds.
  • "We are just waiting for this thing to blow up,” says one emerging market investment consultant who worries that a PBR selloff could ignite a broader emerging market pullback.

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Petróleo Brasileiro S.A. - Petrobras